Instead of subtly courting China, Saudi Arabia, and Turkey, the administration and its congressional allies have petulantly demanded their compliance with U.S. wishes.
Washington Keeps Alienating Its Policy Partners
Tag: oil exports
Venezuela’s Oil Output Stutters as ‘Irrational’ US Sanctions ‘Imbalance’ Global Market
Venezuela’s Oil Output Stutters as ‘Irrational’ US Sanctions ‘Imbalance’ Global Market
However, in a recent address to the press, the US president clarified that resuming oil exports from Venezuela was only one of several options. “There’s a lot of alternatives. We haven’t made up our mind yet,” he told reporters after calling the OPEC+ decision a “disappointment.” Washington has demanded that the Maduro government re-engages in talks with the opposition as a precondition for any changes to its sanctions policy.
Related:
US Plans To Ease Venezuela Sanctions To Let Chevron Pump Oil There Again—Reports
White House Leaves Door Open For Additional SPR Releases + It’s Implications
The White House said on Tuesday that it has many options to counteract OPEC+’s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves.
White House Leaves Door Open For Additional SPR Releases
Related:
The Implications Of U.S. SPR Withdrawals
Implications of OPEC-+ Production Cut
I think OPEC has not learned from its past mistakes, as it is not a good time to cut oil production by 2 million bpd in November 2022, especially at a time when global economies are under pressure. While higher oil prices at this juncture may bring much needed oil revenues to (national) oil companies and OPEC members, this will come at the cost of accelerating a global recession, bringing more misery to consumers. Consequently, it will weaken global oil demand and oil prices. Oil prices in the range of $70-$80/bbls at this difficult time could be a win-win situation for both producers and consumers, and shield global economies from collapsing. Consequently, the U.S. should take its own measures to enhance its domestic oil production, encourage EVs and halt further releases of the SPR. Running down the SPR will allow OPEC+ more flexibility to play around with production.
Meanwhile:
The Truth Behind The OPEC Cuts – It’s All About The Dollar!
Oct 8, 2022 – OPEC plus has cut oil production and the United States is panicking. But the real worry isn’t about higher oil prices, it’s really about the future of the US dollar. The real fate of the US dollar lies with Saudi Arabia. Here’s what you must know about the Petrodollar. You must watch this carefully.
The Truth Behind The OPEC Cuts – It’s All About The Dollar! via Sean Foo
Venezuela Stops Oil Shipments To Europe As Alternatives To Russian Energy Dry Up
The writing is on the wall for Europe in terms of this coming winter – It’s going to get ugly. With natural gas imports from Russia cut by 80% through Nord Stream 1 along with the majority of oil shipments, the EU is going to be scrambling for whatever fuel sources they can find to supply electricity and heating through the coming winter. Two sources that were originally suggested as alternatives were Iran and Venezuela.
Venezuela Stops Oil Shipments To Europe As Alternatives To Russian Energy Dry Up
Related:
Venezuela: Oil Production Declines as Shipments to Europe Suspended
Caracas’ oil operations were affected by mechanical disruptions caused by alleged attacks against oil facilities. On July 16 a natural gas pipeline explosion and a power outage interrupted PDVSA’s supply to its main crude production and export hub, the José Antonio Anzoátegui industrial complex in eastern Venezuela.
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With the operational disruption depleting Venezuela’s lightest oil grade stocks, Iran recently began to increase its supply of 29.5°API blend, a lighter alternative to Venezuela’s 16°API Merey, in order to boost fuel production and free domestic upgraded blends for exports.
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However, anonymous sources revealed that Caracas might suspend crude cargoes to Europe while the industry recovers from recent setbacks. PDVSA is reportedly negotiating the terms of the oil-for-debt agreements with Eni and Repsol to receive fuel while still settling long-standing debts owed to the two companies.
Neither Venezuela’s Oil Ministry nor PDVSA has issued statements confirming the alleged halted shipments to Europe or the renegotiation of the swap deals.
Moscow’s New Found Independence + More
Moscow’s New Found Independence
Hudson noted, however, that “the biggest beneficiary” of Russia having been laden with sanctions is Washington. This is because Europe, which is heavily reliant on Russian energy, is faced with simultaneous energy and food crises, thus leaving it with little ability to pay attention to other matters.
“Basically, Washington doesn’t care if Russia wins the war [in Ukraine], because the US has succeeded in eliminating its competition in Europe, especially Germany.”
Related:
The agency added that the European Union’s commitment to reduce member states’ gas consumption by 15 percent from August 2022 to March 2023 will continue to increase oil demand by about 300,000 barrels per day for the next six quarters.
The Aframax vessels are optimally-sized to dock at European docks, which often cannot fit supertankers, an analyst from E.A. Gibson Shipbrokers told Bloomberg, and the current sky-high rates should remain heightened in the months ahead so long as sanctions against Russia remain.
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“The market consensus was too pessimistic about Russia’s capability to re-route volumes to other buyers,” IEA analysts said. “Russia’s exports adjusted towards other buyers without a serious disruption to its production.”
‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end
One of Biden’s top energy aides confirmed Friday the administration won’t extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.
‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end
Related:
Soaring U.S. Production Can’t Keep LNG Prices In Check
Europe has displaced Asia as the top destination for U.S. LNG, and now receives 65% of total exports.
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According to a report by the Oil & Gas Journal, 10-year LNG contracts are currently priced at ~75% above 2021’s rates, with tight supplies expected to persist as Europe aims to boost LNG imports.
Over 5 million barrels of US reserve oil were exported to Asia and Europe last month as domestic refineries run at full capacity, report says
Punishing Russia could trigger nuclear war: Dmitry Medvedev
Former Russian president Dmitry Medvedev warns strongly against any attempt at “punishing” the country over its ongoing operation in neighboring Ukraine.
Punishing Russia could trigger nuclear war: Dmitry Medvedev
Ms. Cat’s Chronicles 
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